Key Business Questions

Anubinda Jan 23, 2021 No Comments

How to use Data to Answer Key Business Questions

Analysis of Data (Data Analytics) is like a knight in a shining Armor for most of the organizations. They are investing quite a fortune to taste the success driven by data analytics. No wonder Analytics and Data Science certification course for individuals and corporate employees are the new trend.

Unfortunately, some organizations are still unable to understand the use of data to achieve something meaningful in the market. This is because, they often fail to understand the business value of the insights extracted from the raw data.

However, most organizations know how to leverage analytics for knowledge discovery. As a result, they are able to create a remarkable impact with historical insights. Hence, in order to make the most of the data, it is important to know its business value.

What kinds of data can be used as business insight?

Not all data is used for business insights. This is because, there is garbage data which should be considered as outliers and never be used to create insights. It is particularly important to be careful of such data since it can create skewness and portray a different or incorrect picture.

Hence, one should always use clean data that not only makes the data set concise but also helps tell us a good story about it. These stories help businesses in taking important decisions for the growth of their companies.

What are some key business attributes where data plays a big role? 

In todays world, many organizations are starting an analytics initiative. They expect data to answer certain business questions. This is the case with many sectors and industries, where data is used to answer a lot of insightful questions. For example, in a customer-centric industry, it is important to know the buying pattern of the customers.

• Analysis of customer behaviour and their buying pattern
• Tracking and predicting sales of a certain commodity
• Streamlining process operations for smoother transition
• Budgeting and forecasting for different products
• Analysing the future demand and supply of products

Industry Specific Questions answered by data 

Sales and Marketing

• What will be the turn-around time?
• Which salesperson has the greatest and least impact on conversion?
• Which customer segments are most likely to be active on social media?
• How to optimize retail display as per the location?
• What marketing initiatives will maximize return?
• Which prices can we increase, and by how much, and still retain our customers?

The above questions can be answered well only if we collect appropriate raw data and then analyse it using BI platforms. Data can be analysed not just to answer the above questions but to also refine it in a way that the business outcome is positive. This gives outcomes such as understanding the customers better, refining the strategies in sales, focusing more on conversions, and increased profits. Marketing Analytics is in great demand and helps in boosting one’s career. (Learn more in Marketing Analytics, here)

Human Resources

• What do employees value the most?
• Who are my best-performing employees?
• Which factors are similar in the employees leading to attrition?
• The effectiveness of the on-boarding program
• How to combine compensation, rewards and bonuses to boost employee satisfaction?

Having data play an integral role in the Human Resources could have several benefits. It helps with attracting good talent, retaining hard-working employees, enhancing the productivity, employee satisfaction, better recruitment resources and reduced expenses.  At Ivy, we have gone ahead and spoken to an expert in the field of HR Analytics. He has explained and provided a practical approach to career in this field.

Business Strategy

• Expense reduction is one of the most important tasks of a business strategy team
• How can analytics help in marketing our business?
• Top 5 areas of improvement
• Top 5 areas of Concerns
• Strengths and Weaknesses
• What hampers the growth of an industry?
• What are some of the primary deals to be taken care of in coming years?

Data provides evidence-based insights which helps the organisations run a smooth business. With its help, they can better explain their stakeholders about steps taken in to reach new levels. In other cases, when the business is not smooth, it helps presenting the stakeholders with future vision profitability outline. All of this can only be achieved with the help of analytics and it certainly promises faster growth.

Supply Chain

• What factors are the highest contributors for the delay in shipment?
• Process to factor everything in retail analytics?
• What are the most frequent inspection errors?
• What are some of the inefficiencies that can be automated?

In a similar manner, supply chain uses data to answer such questions and provide desired results. Therefore, now organisations can streamline the logistics, optimizing predictive planning, and eliminating hidden costs. Thus, analytics helps in achieving higher profits. (Learn more about how data helps in retail analytics, here)

How to become an Analytics and Data Science expert?

Data Science is something everyone wants to invest in. Be it large organisations or educational institutions, everyone knows it’s worth and expected return. Data Science aspirants can achieve a lot, just by getting certified as a data scientist. Hence, you are never late to start your quest with a top analytics and data science certification course.

Experts suggest that Data Science is going to remain the hottest job till 2030. Clearly, there are various job roles that involve working with data and the spectrum is huge.

At Ivy Professional School, we have collaborated with NASSCOM to provide the aspirants with once in a lifetime opportunity. The analytics and data science certification course makes sure that you become an expert within a year. Therefore, this is a golden chance to bag your dream job with a higher salary package.

If you are such an aspirant, then our amazing team is here to help you.

Analytics and Data Science certification course at Ivy

We have a range of courses catering to all the required skills. Firstly, the top course comes with the NASSCOM and Ivy joint certification program. Secondly, our analytics and data science certification course promises real time industry projects. Thirdly, the faculty experts are from premier institutes with top MNC experience. Contact Ivy Professional School to learn more about the certifications we provide. Get in touch with our professionals who will help in transforming your career in a better way.